Ireland News

Ireland’s FBD Holdings Reports Worse-Than-Forecast Operating Loss, Weak Outlook

FBD Holdings plc plunged in Dublin trading after the Irish insurer’s full-year results missed its own downgraded forecast and its operating profit outlook for 2015 fell short of analysts’ expectations. FBD declined 14 percent to 10.50 euros at 9:35 a.m., …

Probe of RSA’s Irish Division at ‘Advanced Stage’, Says Irish Central Bank

Ireland’s central bank said its probe into an accounting scandal at RSA Insurance Group plc’s Irish division is moving toward a conclusion and decisions on possible sanctions will be made once it’s completed. “An investigation into historical claims-reserving practices at …

Swiss Re Offers Food, Drink Protection for UK, Ireland, Italy

Swiss Re Corporate Solutions has partnered with UK-based crisis management consultancy The RQA Group to launch comprehensive Contaminated Products Insurance for the food and drink industry in the United Kingdom, Ireland and Italy. The cover offers protection in both the …

Best Affirms Greenlight Re and Affiliates Ratings; Outlook Stable

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Greenlight Reinsurance, Ltd., as well as the FSR of ‘A-‘ (Excellent) and ICR of “a-” of Greenlight Re’s affiliate, …

Best Affirms ACE Limited, No. Am. P&C Affiliates ‘A+’ Ratings

A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa” of the North America property/casualty subsidiaries of ACE Limited, which is based in Zurich, as well as its ratings for …

EU Insurers Still Coming to Terms with Solvency II as Start Date Nears

“Over the next 18 months it’s estimated that Ireland will spend 100 million euros (app. $125 million) on preparations for Solvency II (SII),” said Garvan O’Neill, a partner in PricewaterhouseCoopers’ financial services practice, who headed a panel discussion on the …

Traynor Joins Greenlight Re Ireland to Build UK, Europe Expansion

Greenlight Reinsurance Ireland, Ltd., a subsidiary of Cayman Islands-based Greenlight Capital Re, Ltd., a specialist property and casualty reinsurer, announced that Caryl J. Traynor officially joined the company on June 1, 2012, serving in the role of General Manager and …

Irish ‘Yes’ Vote Assures Continued Support; Euro Zone Crisis Still Weighs

Ireland held a referendum on Thursday, May 31 – a straight yes or no vote on whether the country would write the “Stability Treaty,” the austerity measures agreed to last fall by the 17 euro zone countries, into law. It …

How Relevant Is Insurance? Asks XL CEO McGavick

XL Group CEO Mike McGavick asked a provocative question in a keynote speech at the European Insurance Forum in Dublin last week. How relevant is the insurance industry in today’s globalized world? “The [percentage of] value insurance adds to the …

Bondholder Group Sees Over $131.8 Trillion Greek Default Risk

A disorderly Greek default would probably leave Italy and Spain needing outside help to stop contagion spreading and cause more than €1 trillion ($1.318 trillion) of damage to the euro zone, the group representing Athens’ bondholders warned. Greek private creditors …